Instructions Prepare a classified bal ance sheet in good form. (No monetary amounts are to be shown.) P5.2 (LO 2) Excel items for Montoya, Inc. for the current year, 2020. (Balance Sheet Preparation) Presented below are a number of balance sheet $ 125,000 177,591 Accumulated depreciation-equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings Goodwill $ 292,000 239,800 Payroll taxes payable Bonds payable Discount on bonds payable 300,000 45,000 98,362 15,000 360,000 480,000 Cash 480,000 200,000 Land Notes receivable Notes payable (to banks) Accounts payable Retained earmings Income taxes receivable Notes payable (long-term) 445,700 150,000 265,000 87,920 490,000 1,470,000 121,000 270,200 97,630 1,600,000 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair val ue of debt investments (trading) are the same.
Instructions Prepare a classified bal ance sheet in good form. (No monetary amounts are to be shown.) P5.2 (LO 2) Excel items for Montoya, Inc. for the current year, 2020. (Balance Sheet Preparation) Presented below are a number of balance sheet $ 125,000 177,591 Accumulated depreciation-equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings Goodwill $ 292,000 239,800 Payroll taxes payable Bonds payable Discount on bonds payable 300,000 45,000 98,362 15,000 360,000 480,000 Cash 480,000 200,000 Land Notes receivable Notes payable (to banks) Accounts payable Retained earmings Income taxes receivable Notes payable (long-term) 445,700 150,000 265,000 87,920 490,000 1,470,000 121,000 270,200 97,630 1,600,000 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair val ue of debt investments (trading) are the same.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Question
P5.2
![Instructions
Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)
P5.2 (LO 2) Excel
items for Montoya, Inc. for the current year, 2020.
(Balance Sheet Preparation) Presented below are a number of balance sheet
$ 125,000
177,591
Accumulated depreciation-equipment
Inventory
Rent payable (short-term)
Income taxes payable
Rent payable (long-term)
Common stock, $1 par value
Preferred stock, $10 par value
Prepaid expenses
Equipment
Debt investments (trading)
Accumulated depreciation-buildings
Buildings
Goodwill
$ 292,000
239,800
Payroll taxes payable
Bonds payable
Discount on bonds payable
300,000
45,000
15,000
360,000
480,000
445,700
98,362
Cash
480,000
Land
200,000
Notes receivable
150,000
Notes payable (to banks)
Accounts payable
Retained earnngs
Income taxes receivable
265,000
87,920
490,000
1,470,000
121,000
270,200
1,640,000
97,630
Notes payable (long-term)
1,600,000
Instructions
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre-
ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-
term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb012d49-370c-42fa-bf5d-9d3f3308547f%2Fbe6ffc5f-5d94-41ff-a81f-e8c4b930648b%2Fcy1cm9r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Instructions
Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)
P5.2 (LO 2) Excel
items for Montoya, Inc. for the current year, 2020.
(Balance Sheet Preparation) Presented below are a number of balance sheet
$ 125,000
177,591
Accumulated depreciation-equipment
Inventory
Rent payable (short-term)
Income taxes payable
Rent payable (long-term)
Common stock, $1 par value
Preferred stock, $10 par value
Prepaid expenses
Equipment
Debt investments (trading)
Accumulated depreciation-buildings
Buildings
Goodwill
$ 292,000
239,800
Payroll taxes payable
Bonds payable
Discount on bonds payable
300,000
45,000
15,000
360,000
480,000
445,700
98,362
Cash
480,000
Land
200,000
Notes receivable
150,000
Notes payable (to banks)
Accounts payable
Retained earnngs
Income taxes receivable
265,000
87,920
490,000
1,470,000
121,000
270,200
1,640,000
97,630
Notes payable (long-term)
1,600,000
Instructions
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre-
ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-
term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education